On october 1 paid off notes payable 110000 issued in 2010

Assignment Help Accounting Basics

Reference no: EM13587960

Prepare journal entries for these:
1. On January 10, sold merchandise on account to Rayms $9,000 and Fischer $8,600. Terms 2/10, n/30, F.O.B. shipping point.
2. On January 12, purchased merchandise on account from Zapfel $3,200 and Liotta $2,600. Terms 1/10, n/30, F.O.B. destination.
3. On January 14, received checks, $4,500 from Longhini and $2,500 from Hall, for sales on account after discount period has lapsed.
4. On January 15, send checks to Joosten for 9,000 less 3% cash discount, and to Maida for $10,000 less 2% cash discount.
5. On January 16, issued credit of $500 to Fischer for merchandise returned.
6. On January 21, paid off the balances to Zapfel and Liotta for the purchases on January 12.
7. On Feburary 9, received payment in full from Rayms and Fischer.
8. On March 1, paid rent of $4,800 for a two-year term starting from May 1, 2013.
9. On April 1, the company CEO paid $49,999 from her savings bank account to purchase a car for personal use.
10. On April 12, paid $700 cash for office supplies.
11. Cash dividends totaling $1,000 were declared on June 13 and paid to stockholders on June 23.
12. Issued a note of $120,000 to bank (one year, annual interest rate 4%) for cash on July 1.
13. On July 5, purchased merchandise from Maida $32,000, terms 3/10, n/30.
14. On July 7, issued common stock 1000 shares, $10 par, in exchange of a land with a fair market value of $16,000.
15. On July 8, returned $300 of merchandise to Maida and received credit.
16. On August 1, sold merchandise to Lachey on account $80,000, term 1/10, n/30, F.O.B. shipping point.
17. Paid off the balance to Maida on August 4.
18. On Auguest 8, paid utilities expense, $10,209.
19. On August 18, Lachey paid off its balance.
20. On September 1, paid cash $7,500 to Farmington for merchandise purchased last year.

21. On October 1, paid off notes payable $110,000 (issued in 2010) and associated interest $5,000 (including $1,500 interest payable on the balance sheet).
22. Over the year, daily cash sales were $16,500.
22. Over the year, sales and office employees earned $46,500 in salaries and wages, of which $2,500 remained as payable at the end of year.
23. On Dec 31, received an utilities bill of $1,250 (for December 2012) and paid off the bill on Jan.10,2013.

Reference no: EM13587960

Questions Cloud

There is no such thing as a fixed cost all costs can be : there is no such thing as a fixed cost. all costs can be unfixed given sufficient time. do you agree? what is the

Tax practice and ethical guidelines-statute of limitations : tax practice and ethical guidelines-statute of limitations lo. 5 6in march 2012 jim asks you to prepare his federal

One of the key generally accepted accounting principles : one of the key generally accepted accounting principles gaap is the cost principle. the cost principle is the general

Bridgette is known as the doll lady she started collecting : bridgette is known as the doll lady. she started collecting dolls as a child always received one or more dolls as gifts

On october 1 paid off notes payable 110000 issued in 2010 : prepare journal entries for these1. on january 10 sold merchandise on account to rayms 9000 and fischer 8600. terms 210

The production superintendent was pleased when he saw this : landers company manufactures a number of products. the standards relating to one of these products are shown below

Discuss the differences between independence in fact and : discuss the differences between independence in fact and independence in appearance then give three examples of

Every time i open a new worksheet or a previously saved : is there a way to permanently change the page layout to fit to page on excel 2011 mac?recently switched fromm pc to

From the dropdown box beside numbered balance sheet item : from the dropdown box beside numbered balance sheet item select the letter of its balance sheet classification. if the

User Account

All Pages